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Retirement in choppy waters: - is now the moment to get advice?

ended 03. September 2026

Almost half of over 50s plan to take their tax free pension cash as soon as they can, and a third have not yet decided how they will draw their pension at all, according to Scottish Widows' latest Retirement Report 4 in 10 admit they have little or no understanding of their options.

That knowledge gap is arriving at an awkward time. Inflation is creeping back up, gilt yields are at their highest since 2008, the pound is under pressure, political uncertainty is growing and many expect a stock market correction after a long run of gains. The decisions people make at 55 will shape the next 30 years, and the ground is shifting under their feet.

Experts, we'd like your views:

  • Why is the year you retire far too late to start planning?
  • What can an adviser do that a pension calculator or AI tool can't?
  • Why is taking tax-free cash straight away not always the right move, especially now?
  • What's the one mistake you see over 50s make in uncertain markets?

4 responses from the Newspage community

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Anita Wright
Chartered Financial Planner at Ribble Wealth Management
Everyone will tell you that grabbing your tax free cash at 55 is a mistake. I'd say the people doing it may be more sensible than they're given credit for. They've watched the rules on pensions change with every Budget, and they've quietly concluded that money in their own hands is safer than money that's promised. That's not ignorance; it's a lack of trust, and it's earned. The real gap isn't knowledge of the options. It's that the options are all priced in pounds, and nobody is asking what a pound will buy in 2050. A guaranteed annuity guarantees a number, not a standard of living. A drawdown plan built on 4% withdrawals assumes the world of 2015 comes back. With gilt yields at 5% and the Bank being leaned on to hold rates down, it won't. That's what an adviser is for. A calculator tells you how much you'll have. A good adviser asks the harder question: how much will it be worth, and what happens if the rules move again? The mistake isn't panici t's still assuming the groud is solid
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Riz Malik
Independent Financial Adviser at R3 Wealth
Many people don't know their 'number', and that is one of the main issues with pension planning. They believe that if they contribute to the work scheme, that is all they need or can do. Working with an adviser can help you model what your desired retirement looks like and what steps you need to take, and when. They can also hold you accountable and make sure your plan stays on track, so you can focus on life. Yes, that comes with a cost, but what is the cost of getting it wrong?
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Samuel Mather-Holgate
Managing Director & IFA at Mather and Murray Financial
Retirement planning cannot start at the point of retirement. By then, the big levers have already been pulled. Taking tax-free cash at 55 can feel sensible when household budgets are under pressure, but it can also turn a long-term pension into a short-term shock absorber. That is dangerous when people may need the money to last 30 years or more. A calculator can show numbers, and AI can explain options, but neither knows your tax position, your spouse’s income, your health, your debts, your spending habits or how you will behave when markets fall. The biggest mistake I see over-50s make is treating uncertainty as a reason to rush. In volatile markets, the answer is rarely to grab the cash and hope. It is to build a plan that can survive inflation, falling markets, tax traps and real life.
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Guy Skinner
Financial Planner and Director at Citygate Financial Planning
Retirement is a big life event, but there are many transitions through life all of which result in the movement of money, thinking and motivation. It isn't promised that we will all get to retirement and hence planning in isolation when that arrives is sub-optimal. It is described as the most difficult aspect of our financial life to take an income from a volatile portfolio yet still require that investment to grow to maintain spending power for multi decades. This is true, and certainly made easier to navigate when the pot of money in question is much bigger in the first instance. What I have done for many clients over the years, is encourage them to take more investment risk than they would have done if left solely with answering a risk profile questionnaire. The biggest risk many people take is not taking enough risk, as thinking is commonly short term. Taking tax free cash is often the wrong thing to do as money is moved to an environment where it is subject to more tax than it was